“Dairy export volumes are at record levels, after adjusting for seasonal effects,” prices manager Chris Pike said. “Dairy values remain at high levels, even though export prices have fallen for five consecutive quarters.”

In the September 2012 quarter, the terms of trade fell 3.2 percent. A fall in the terms of trade means that fewer imports can be funded by the same quantity of exported goods. The terms of trade are 9.1 percent lower than a year ago.

The price and volume indexes for exports and imports of goods are compiled mainly from overseas merchandise trade data.